Upbit Singapore Acquires Major Payment Institution License from Singapore Regulator
South Korean crypto exchange Upbit’s Singapore affiliate has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore, the country’s top financial regulator. This comes just months after receiving in-principle approval in October. Upbit Singapore aims to become a hub for institutional activities, taking advantage of Singapore’s strong regulatory framework and reputation as a leading financial center in Asia. The company plans to expand its list of digital assets, enhance liquidity, and offer institutional services while prioritizing client protection measures. Upbit APAC, the parent company of Upbit Singapore, also operates crypto trading platforms in Thailand and Indonesia.
Upbit Exchange Dominates South Korea’s Crypto Market
Upbit exchange holds approximately 48% of the total spot crypto trading volume in South Korea. It is one of the five fully licensed exchanges in the country alongside Bithumb, Coinone, Korbit, and Gopax. According to CoinMarketCap data, Upbit handled $4.2 billion worth of crypto transactions in the last 24 hours. With its significant market presence and expansion into other Asian countries, Upbit continues to solidify its position as a major player in the crypto industry.
Hot Take: Upbit Singapore Strengthens Position as an Institutional Crypto Hub
With the acquisition of the MPI license from the Monetary Authority of Singapore, Upbit Singapore is establishing itself as a prominent player in the institutional crypto space. The license allows Upbit to offer enhanced services and protections to institutional clients while operating within Singapore’s robust regulatory framework. As a leading financial center in Asia, Singapore provides a conducive environment for crypto businesses to thrive. With its parent company operating platforms in multiple countries and its dominance in South Korea’s market, Upbit Singapore is well-positioned to attract institutional investors and further expand its influence in the crypto industry.
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